AstraZeneca Q2 results beat estimates; COVID vaccine sales evaporate

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AstraZeneca on Friday delivered better-than-expected profits and sales in the second quarter as a strong performance of its blockbuster cancer drugs helped offset the loss of COVID-19 vaccine sales.

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28 Jul 2023

The Anglo-Swedish drugmaker posted an adjusted profit of $2.15 per share, up 25% and exceeding the $1.98 per share expected in company-compiled consensus estimates.

Total revenue in the quarter was $11.4 billion, up 6% and beating company-compiled analyst estimates of $10.97 billion.

Shares were up 3.1% in early trading, among the top gainers on London's blue-chip FTSE stock index.

The strong results add to a string of strong quarters for the UK's biggest company by market capitalisation worth more than 165 billion pounds ($211 billion), bolstered by a strong pipeline of drugs.

Even so, the company registered no sales of its COVID-19 vaccine, its best-selling product in 2021 at the height of the pandemic, compared with $445 million a year ago, and said it expects sales to decline significantly in the full year.

The rapid decline of the COVID business